The Gem & Jewellery Export Promotion Council (GJEPC) has welcomed the financial year end-related operational measures announced by Hon’ble Union Finance Minister Smt. Nirmala Sitharaman today and said “these will give some relief to a lot of very worried entrepreneurs”.

Stating this, Vice Chairman of the Council, Colin Shah said, “We eagerly await the economic relief financial package to be announced by the Government.”

Among the various steps and measures announced earlier today by the minister, the GJEPC highlighted those that would directly benefit exporters and help MSMEs in the gem and jewellery sector. These include:

GST Related:

1.     Last date for filing GST returns for March,  April & May 2020 extended to 30th June
2020 from March 31, 2020

2.     Date for opting for Composition scheme extended till 30th June 2020.

3.     Companies with less than 5 crore turnover – No interest, No late fee & no penalty

4.     Companies with turnover more than 5 crore – Interest at reduced rate of 9%, no late fee & no penalty

Income Tax related:

 1.   Last date for filing  Income Tax Return for 2018-19 extended to June 30, 2020 from March 31  and interest on  delayed tax reduced from 12 to 9%. 

2.    Interest on delayed TDS deposited also reduced from 18 to 9% 

3.   Aadhar -PAN linking date extended to June 30, 2020

4.  Settlement of IT cases under Vivad -Se -Vishwas Scheme can be done upto June 30, 2020 without payment of any penalty of 10%

Banking related:

   - To help MSME units, threshold limit for Bankruptcy increased from Rs 1 lakh to 1 cr

   - Bank charges reduced for digital trade transactions

   - No minimum balance requirement for maintaining bank accounts for next 3 months

   - Debit card holders can withdraw cash from ATMs of any bank without any charge for next 3 months

Customs related:

Customs will work as an essential service 24x7 till 30th June, 2020

Last date for settlement of Customs related issues under Vivad se Vishwas Scheme has been extended to 30th June, 2020, without any penal interest                           

Commerce related:

In principle, time lines will be extended for all procedures without modifying the schemes.  Details will be notified in due course by the Ministry of Commerce & Industry.  We feel that this will cover our request for allowing extension of time for gold on loan scheme, reimport from exhibitions, replenishment on goods sold in exhibitions etc.  Council has already represented to Ministry of Commerce & Industry for this.

Many of these measures were part of the suggestions compiled from the industry and forwards to the Ministry for consideration by the Council, GJEPC said.

Earlier, in a statement circulated on March 23, the Chairman of The Gem & Jewellery Export Promotion Council (GJEPC) Pramod Kumar Agrawal said that the Indian g&j industry is committed to support the government in fighting COIVD-19 successfully, and will take care of the daily wage earners who may be hit. Agrawal has also urged the government to take steps to help the industry cope with the situation.

Agrawal said, “We at GJEPC are committed to our nation's well-being and pledge our whole hearted support to the Government for fighting out COVID-19 successfully. On the other hand we are urging our government and other stakeholders to relax statutory requirements, banking obligations, working capital support, etc, which would help the industry to cope with the current situation. We are also working our measures for daily wage workers of the industry who are largely hit in the current scenario.”